Axonic has sold Heritage at Temple Terrace Apartments, a 126-unit community in Temple Terrace, Fla. TLR has purchased the asset for $15.8 million, the third highest price per unit sale for a 1970s vintage asset in Hillsborough County. According to Yardi Matrix data, the transaction funds included a $13.5 million five-year loan.
“After buying the remaining units at Heritage Temple Terrace, we successfully collapsed to condo association and ran the property as a traditional multifamily asset. In this market, multifamily assets have a higher value than individual condos,” said Mr. Shechtman, managing principal at Axonic
A value-add property
Located at 10605 N. 56th St., between interstates 275 and 75, Heritage at Temple Terrace Apartments is 12 miles from downtown Tampa and roughly 20 miles from Tampa International Airport. The property is close to schools, shopping, restaurants and entertainment.
Completed in 1968, the eight-building community features two- and three-bedroom floor plans ranging from 925 to 1,500 square feet, as per Yardi Matrix data. Common-area amenities include a fitness center, two laundry facilities, two swimming pools and 264 parking spaces.
“The seller was able to capitalize on the value he had created by collapsing the association. The buyer saw an opportunity to add value by renovating the unit interiors. There continues to be plenty of opportunity for both buyers and sellers in the Tampa Bay Area”